Income Tax Preparation, Accounting and Payroll service by Don Brooks & Associates - Don Brooks Associates, Inc.
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Connecticut Sales Tax Increase
New Tax Rates
The following tax rates are in effect as of July 1, 2011:
Read more: Connecticut Sales Tax IncreasePayroll Tax Cut to Boost Take-Home for Most Workers
WASHINGTON - The Internal Revenue Service has released instructions to help employers implement the 2011 cut in payroll taxes.
Read more: Payroll Tax Cut to Boost Take-Home for Most WorkersImportant Withholding Tax Information for Employers
Recently enacted legislation makes significant changes to Section 12-700(a) of the General Statutes retroactive to January 1, 2011. Employers and taxpayers need to perform catch-up withholding for the current tax year. The following is a brief overview of the changes which may affect your employees:
Read more: Important Withholding Tax Information for EmployersNew Legislation Concerning Business and Payroll
Legislation signed into law earlier this year makes two new credits available to employers.
IRS New Registration, Testing and Continuing Education Requirements for Tax Return Preparers
[UPDATE] New regulations require all paid tax return preparers (including attorneys, CPAs, and enrolled agents) to apply for a Preparer Tax Identification Number (PTIN). There are continuing education requirements and IRS will monitor the activities of all tax return preparers with PTIN's. Read more: IRS New Registration, Testing and Continuing Education Requirements for Tax Return Preparers
Key 2009 Tax Law Changes
Major tax law changes continue to impact most taxpayers. New 2009 tax laws enacted to stimulate the economy are in addition to law changes enacted in 2008. Some of the broadest changes are outlined here for your review:
Read more: Key 2009 Tax Law ChangesMain Menu
Tax Tips Small Business
Deducting the Business Use of Your Home
Don't overlook your home officeIf you use a portion of your home for business, you may be able to take a home office deduction whether you are self-employed or an employee. Expenses that you may be able to deduct for business use of the home may include the business portion of real estate taxes, mortgage interest, rent, utilities, insurance, depreciation, painting, and repairs. Read more...
Small Business Quick Tip
| If you are disposing of property used in your business, you may want to consider a like-kind exchange to defer the taxable gain on the sale. |
Tax Tips Personal
Converting a Traditional IRA to a Roth?
You may want to wait
At some point, taxpayers who have a traditional IRA may wish to convert it to a Roth. Roth IRAs are more flexible in that there are no required minimum distributions when the owner reaches age 70 1/2. In addition, qualified distributions from a Roth IRA are not taxable.
Read more...Personal Quick Tip
| Do you use your auto for charitable purposes? What about going to and from the doctor or dentist? Your mileage for both medical and charitable purposes may be deductible on your tax return. It is important to set up a mileage log and keep it handy so you can track your deductible mileage throuhghout the year. |